Dubai Tower Faces Occupancy Slump

12 January 2010 (Last Updated January 12th, 2010 18:30)

The world's tallest building, the Burj Khalifa in Dubai, is expected to be unoccupied for a year due to the emirate's financial downturn. The tower's developer, Emaar, has said it has only sold 90% of the available space. Few property agents have said that occupancy level i

The world's tallest building, the Burj Khalifa in Dubai, is expected to be unoccupied for a year due to the emirate's financial downturn.

The tower's developer, Emaar, has said it has only sold 90% of the available space.

Few property agents have said that occupancy level is not expected to reach above 50% in the first year.

Others remarked that renaming the tower is a humiliation concession extracted from Dubai in exchange for a $25bn loan from Abu Dhabi.

The world's tallest building was renamed the Burj Khalifa from Burj Dubai last week in honour of the current president of the UAE and ruler of Abu Dhabi, Sheikh Khalifa bin Zayed al Nahyan.